MoMo transactions exceeded cheques cleared by GHC18.7 billion 2 months ago - BoG
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MoMo transactions exceeded cheques cleared by GHC18.7 billion 2 months ago - BoG

- The Bank of Ghana has released a March 2020 report which shows a growing preference for Mobile Money transactions

- The report shows that in March 2020, MoMo transactions exceeded cleared cheques to the tune of GHC18.7 billion

- It is expected that the value of mobile money transactions will reach four-fold, relative to that of cheque clearings, in the next 10 years

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Information available to YEN.com.gh shows that Ghanaians used more of Mobile Money (MoMo) services than cheques in March 2020.

It has emerged that MoMo transactions exceeded cleared cheques to the tune of GHC18.7 billion.

At the end of March 2020, the total value of MoMo transactions was GHC33.8 billion, according to the Bank of Ghana.

READ ALSO: Akufo-Addo has managed the economy better than Mahama did - Gabby Asare Otchere-Darko

For the same period, the total value of transactions completed via cheques totaled GHC15.1 billion.

A report by classfmonline.com shows that analysts are convinced the value of mobile money transactions will reach four-fold, relative to that of cheque clearings, in the next 10 years.

The total value of MoMo transactions in January 2020 was GHS30.2 billion and fell to GHS30.1 billion a month later.

For the same period, the total value of cheque transactions was GHC15.5 billion and GHC14.0 billion respectively.

For e-zwich transactions, the total values recorded for January, February and March 2020 were GHC589.4 million, GHC772.3 million and GHC814 million respectively.

With regard to Mobile Money Interoperability, the total value of transactions in January, February and March 2020 were GHS129.9 million, GHS126.6 million and GHS166.3 million respectively.

In other news, the Ghana Association of Bankers (GAB) and the Ghana Interbank Payment and Settlement Systems (GhIPSS) have announced the date free Mobile Money transfers below GHC100 would end next month.

GAB and GhIPPS revealed that Ghanaians will continue enjoying free transfers of funds below GHC100 until June 20, 2020.

The waiver affects all other digital transactions as well and forms part of measures to encourage the use of such services.

READ ALSO: 7 million Ghanaian employees take home less than GHC600 every month - Ofori-Atta

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Source: Yen.com.gh

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